- Sinapi Aba Savings and Loans empowers young female entrepreneurs
- Over 250 young entrepreneurs benefit from mentorship program
- Program aims to promote financial independence and business growth
Sinapi Aba Savings and Loans, a micro-finance institution, has reaffirmed its commitment to investing in and empowering young female entrepreneurs in Ghana, with the goal of promoting financial independence.
The Sinapi Aba Mentorship Program, which was launched four years ago, has trained nearly 2,000 young female entrepreneurs, equipping them with essential skills to succeed in their respective vocations. The program seeks to enhance the entrepreneurial capabilities of small and medium-sized enterprise (SME) owners in Ghana.
The company has rolled out another batch of over 250 young entrepreneurs under its flagship program for economic growth. The sixth cohort of the program will receive training on critical financial management skills, including budgeting, pricing strategies, and securing loans for business expansion.
Chief Program Officer at Sinapi Aba, Joyce Dabo, highlighted the program’s focus on digitalization, stating, “This year we are introducing the women to Digitalisation in business so that they’re able to know the current trend of business. So, they can adopt some of these strategies to boost their business.”
Experts note that women often settle for micro or small-scale businesses due to traditional gender stereotypes. Acting Head of the Gender Department in the Ashanti region, Ama Nyantah Boateng, emphasized the importance of women venturing into bigger businesses. “Women’s contributions to the economy can’t be downplayed. So, they must also know about Innovation. Most often they tend to leave the bigger businesses spaces to men.”
Acting Director of the Ghana Enterprises Agency, Thomas Fofie, advised women to take calculated risks in their business to foster growth. “Risk is an eminent factor in business. So, in instances where a woman runs at loss after taking a loan, they can always go back to wherever they took the loan from and explains their situation and how they are restructuring to bounce back.”
A beneficiary of the program, Gloria Asafo Adjei, recounted how the mentorship program has positively impacted her business. “Enrolling on the program has really been helpful. They thought us how to treat our customers well and other financial literacy skills. Last year, I was a mentee, this year I am a mentor. I am ready to help other people raise their businesses.”
The training program is currently running in three regions of the country: Greater Accra, Ashanti, and Eastern, with the goal of enhancing the livelihoods of upcoming entrepreneurs.
